GQGPX vs. DFAI

Last updated Jun 4, 2026

GQGPX (GQG Partners Emerging Markets Equity Fund) and DFAI (Dimensional International Core Equity Market ETF) are both funds - GQGPX is a Emerging Markets Diversified fund managed by GQG Partners Inc, while DFAI is a Global Equities fund actively managed by Dimensional. Over the past 5 years, GQGPX returned 3.33%/yr vs 9.36%/yr for DFAI. A 0.68 correlation means they provide meaningful diversification when combined. GQGPX charges 1.22%/yr vs 0.18%/yr for DFAI.

Performance

GQGPX vs. DFAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GQG Partners Emerging Markets Equity Fund (GQGPX) and Dimensional International Core Equity Market ETF (DFAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GQGPX achieves a 7.63% return, which is significantly lower than DFAI's 9.16% return.

GQGPX

• 1D: 1.28%
• 1M: -1.80%
• YTD: 7.63%
• 6M: 8.05%
• 1Y: 15.72%
• 3Y*: 13.47%
• 5Y*: 3.33%
• 10Y*: —

DFAI

• 1D: -0.84%
• 1M: 2.67%
• YTD: 9.16%
• 6M: 11.79%
• 1Y: 24.65%
• 3Y*: 18.12%
• 5Y*: 9.36%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GQGPX vs. DFAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GQGPX GQG Partners Emerging Markets Equity Fund	7.63%	9.67%	6.00%	28.47%	-21.01%	-2.52%	7.68%
DFAI Dimensional International Core Equity Market ETF	9.16%	34.04%	4.68%	17.60%	-12.95%	13.86%	6.13%

Correlation

The correlation between GQGPX and DFAI is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 19, 2020	0.68

The correlation between GQGPX and DFAI has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.

Return for Risk

GQGPX vs. DFAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GQGPX

GQGPX Risk / Return Rank: 22
GQGPX Sharpe Ratio Rank: 23
GQGPX Sortino Ratio Rank: 22
GQGPX Omega Ratio Rank: 22
GQGPX Calmar Ratio Rank: 21
GQGPX Martin Ratio Rank: 22

DFAI

DFAI Risk / Return Rank: 49
DFAI Sharpe Ratio Rank: 50
DFAI Sortino Ratio Rank: 50
DFAI Omega Ratio Rank: 50
DFAI Calmar Ratio Rank: 45
DFAI Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GQGPX vs. DFAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GQG Partners Emerging Markets Equity Fund (GQGPX) and Dimensional International Core Equity Market ETF (DFAI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GQGPX	DFAI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.76	-0.40
Sortino ratio: Return per unit of downside risk	1.98	2.49	-0.50
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	1.69	2.26	-0.57
Martin ratio: Return relative to average drawdown	5.73	8.87	-3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQGPX vs. DFAI - Sharpe Ratio Comparison

The current GQGPX Sharpe Ratio is 1.36, which is comparable to the DFAI Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of GQGPX and DFAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GQGPX	DFAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.76	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.59	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.78	-0.23

Drawdowns

GQGPX vs. DFAI - Drawdown Comparison

The maximum GQGPX drawdown since its inception was -33.68%, which is greater than DFAI's maximum drawdown of -27.44%. Use the drawdown chart below to compare losses from any high point for GQGPX and DFAI.

Drawdown Indicators

	GQGPX	DFAI	Difference
Max Drawdown Largest peak-to-trough decline	-33.68%	-27.44%	-6.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.12%	-10.95%	+1.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.83%	-13.25%	-5.58%
Max Drawdown (5Y) Largest decline over 5 years	-30.02%	-27.44%	-2.58%
Current Drawdown Current decline from peak	-3.00%	-1.61%	-1.39%
Average Drawdown Average peak-to-trough decline	-11.53%	-5.12%	-6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.79%	-0.10%

Volatility

GQGPX vs. DFAI - Volatility Comparison

The current volatility for GQG Partners Emerging Markets Equity Fund (GQGPX) is 3.31%, while Dimensional International Core Equity Market ETF (DFAI) has a volatility of 4.45%. This indicates that GQGPX experiences smaller price fluctuations and is considered to be less risky than DFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GQGPX	DFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	4.45%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	11.68%	-2.16%
Volatility (1Y) Calculated over the trailing 1-year period	11.32%	14.08%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	15.92%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.92%	15.70%	+0.22%

GQGPX vs. DFAI - Expense Ratio Comparison

GQGPX has a 1.22% expense ratio, which is higher than DFAI's 0.18% expense ratio.

Dividends

GQGPX vs. DFAI - Dividend Comparison

GQGPX's dividend yield for the trailing twelve months is around 1.78%, less than DFAI's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFAI Dimensional International Core Equity Market ETF	2.26%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	0.00%	0.00%	0.00%
GQGPX GQG Partners Emerging Markets Equity Fund	1.78%	1.91%	1.50%	2.54%	5.52%	3.78%	0.15%	1.06%	0.59%	0.17%

Frequently Asked Questions

Can I hold both GQGPX and DFAI in my portfolio?

GQGPX and DFAI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GQGPX or DFAI?

DFAI has higher volatility (4.45%) compared to GQGPX (3.31%). In terms of maximum drawdown, GQGPX dropped -33.68% vs DFAI's -27.44%.

Which has better risk-adjusted returns?

DFAI currently has the higher Sharpe Ratio (1.76 vs 1.36), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.